Zillow Group (ZG) PT Lowered to $50 at Goldman Sachs Following 2Q

Goldman Sachs lowered its price target on Zillow Group (NASDAQ: ZG) to $50.00 (from $60.00) while maintaining a Neutral rating following the company's 2Q earnings report. Zillow reported 2Q revenue of $325mn and adjusted EBITDA of $56.0mn vs. FactSet consensus of $325.6mn and $54.7mn, respectively.

Zillow significantly lowered full year guidance to reflect a slower-than-expected start to its Instant Offers effort. 3Q18 revenue / adj. EBITDA was guided to $337-347mn and $65-73mn vs. consensus of $408.4mn and $85.4mn respectively. Full year guidance of $1.32-1.35bn in revenue and $237-253mn in adj. EBITDA was significantly lower than consensus of $1.49bn and $277mn, as well as prior guidance of $1.43-$1.58bn and $260-$285mn, respectively.

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